You look at this chart and you see how it broke below the second triangle and you would think it's going down fast with only one little peak of bottom support that goes way back to Dec 06, 2017. Yes, it should go down to around 50 cents technically with a bitcoin bear market over its head at this point and time, but I don't think it's going to work that way with this particular animal. I won't get into the reasons why, I will leave some due diligence for you to make your own decisions...
You can see EOS is stuck in the middle of my channel I drew out, as is BTC 2.78% at this point and time.
I think the yellow channel you see with the dotted white line in between will be a consolidation trading zone for a while.
Oscillators right now are telling me it wants to go back up to test the top of the channel. That will be a good shorting opp -0.12% .
I let the channel form itself, so after the price bounces off the top, I will look for a bounce off the bottom. It's at that point I feel I've got some range to trade in.
In between the yellow channel you will see two blue lines. When I draw out my channels I do this precisely, considering all past history, even the wicks. This gives me a second level of extremity to gauge with for the inside swings to the tops and bottoms of the channel. If needed, later down the line, I will make a slight adjustment to the channel for better fit...
I generally stay away from placing a trade in the middle of the channel (the dotted white line) I like to short the tops and long the bottoms for nice swing trades.
Now, whether or not I place a long at the bottom of the channel for the swing back up - in this current bear market - will depend on what Bitcoin is doing at that time, as well as many other circumstances of course. Those circumstances I can't explain, would have to write a book for that.
Basically, if BTC is consolidating in a nice set range, EOS will do the same
You can see EOS is stuck in the middle of my channel I drew out, as is BTC 2.78% at this point and time.
I think the yellow channel you see with the dotted white line in between will be a consolidation trading zone for a while.
Oscillators right now are telling me it wants to go back up to test the top of the channel. That will be a good shorting opp -0.12% .
I let the channel form itself, so after the price bounces off the top, I will look for a bounce off the bottom. It's at that point I feel I've got some range to trade in.
In between the yellow channel you will see two blue lines. When I draw out my channels I do this precisely, considering all past history, even the wicks. This gives me a second level of extremity to gauge with for the inside swings to the tops and bottoms of the channel. If needed, later down the line, I will make a slight adjustment to the channel for better fit...
I generally stay away from placing a trade in the middle of the channel (the dotted white line) I like to short the tops and long the bottoms for nice swing trades.
Now, whether or not I place a long at the bottom of the channel for the swing back up - in this current bear market - will depend on what Bitcoin is doing at that time, as well as many other circumstances of course. Those circumstances I can't explain, would have to write a book for that.
Basically, if BTC is consolidating in a nice set range, EOS will do the same